Congresswoman Eleanor Holmes Norton (D-D.C.) is expected to present Congress with the National Disaster Insurance Protection Act this week, making D.C. an international financial center for catastrophic insurance reserve, if passed.
The bill would amend federal tax law to make the District a special tax jurisdiction exempting catastrophic insurance reserves and the investment income from federal taxes while creating jobs and boosting the District’s economy, according to a statement released by Norton.
“My bill is particularly timely considering the earthquakes and hurricane that caused billions of dollars in damages this summer, and the record number of natural disasters throughout the U.S. this year,” Norton said. “Retaining funds here in the U.S. would fuel both the local and U.S. economies, would provide the protection of U.S. laws for individuals and businesses with property and casualty insurance and would protect U.S. taxpayers, who would otherwise likely have to pick up the tab if there were a failure in reserve fund availability.”
According to Norton, by requiring companies to have offices in the District, jobs would become available for residents which would then, in turn, to increased income and sales and property tax revenue.
“The District has become an international city and destination,” Norton said. “Why wouldn’t the country prefer those billions in reserves to be held here rather than offshore? Especially today, when the U.S. economy is suffering from global placement of jobs outside the U.S.”
DC Rep Intro's Bill To Bring New Income To Nation's Capital
By Janie Amaya
Congresswoman Eleanor Holmes Norton (D-D.C.) is expected to present Congress with the National Disaster Insurance Protection Act this week, making D.C. an international financial center for catastrophic insurance reserve, if passed.
The bill would amend federal tax law to make the District a special tax jurisdiction exempting catastrophic insurance reserves and the investment income from federal taxes while creating jobs and boosting the District’s economy, according to a statement released by Norton.
“My bill is particularly timely considering the earthquakes and hurricane that caused billions of dollars in damages this summer, and the record number of natural disasters throughout the U.S. this year,” Norton said. “Retaining funds here in the U.S. would fuel both the local and U.S. economies, would provide the protection of U.S. laws for individuals and businesses with property and casualty insurance and would protect U.S. taxpayers, who would otherwise likely have to pick up the tab if there were a failure in reserve fund availability.”
According to Norton, by requiring companies to have offices in the District, jobs would become available for residents which would then, in turn, to increased income and sales and property tax revenue.
“The District has become an international city and destination,” Norton said. “Why wouldn’t the country prefer those billions in reserves to be held here rather than offshore? Especially today, when the U.S. economy is suffering from global placement of jobs outside the U.S.”